N-PX RMIC LIVE 0001359057 XXXXXXXX N-1A 06/30/2025 S000086569 C000252157 S000086570 C000252158 YEAR 2025 Manager Directed Portfolios 414-516-1519

615 E. Michigan Street Milwaukee WI 53202

Ryan Frank, President/Principal Executive Officer

/o U.S. Bancorp Fund Services, LLC 777 East Wisconsin Avenue, 6th Floor Milwaukee WI 53202

FUND NOTICE REPORT 811-21897 N 2 S000086569 Twin Oak Short Horizon Absolute Return ETF 529900GLQ86Q1YT9R717 S000086570 Twin Oak Active Opportunities ETF 529900UOLMOVPQ0GOJ22 Manager Directed Portfolios Ryan Frank Ryan Frank President and Principal Executive Officer 08/28/2025